Financial Conditions and Macroeconomic Performance

This collection of papers on financial instability and its impact on macroeconomic performance honors Hyman P. Minsky and his lifelong work. The papers consider the clear and disturbing sequence of events described in Minsky’s definitive analysis: boom, government intervention to prevent debt contraction, new boom that causes progressive buildup of new debt and eventually leaves the economy more fragile financially. The collection is based on a 1990 conference at Washington University and contains papers by Benjamin M. Friedman, Charles P. Kindleberger, Jan A. Kregel, Steven M. Fazzari, and others.